Insurance prospecting ideas - marketing and selling

Let's talk a little about health or life insurance prospecting ideas and what you should expect and how to prospect in the proper manner. In any well thought up plan I highly suggest having at least three marketing schemes operating simultaneously to assure a plentiful amount of leads you can prospect too. The three I would recommend or will expand on is Circle of Influence, Business to Business and Telemarketing.
The number one thing you should never do, do not attempt to sell. In fact I suggest never selling; it does seem counterproductive but let's look at several factors that will lead most to failure. Here we have to have some honesty and inner reflection. I'm not sure about you but myself, I feel depressed when I attempt to convince someone to do business with me! I can attempt the 10 No's to get 1 Yes. I can go in and keep talking and bringing up points on why they should do business with me, yet even if I'm successful it feels like I worked hard for so little at the end of the day, in other words there is more to success than just the dollars received. This is what I consider the emotional drain that leads many to leave the selling world for greener pasture. I've known more then a few seemingly successful people in various sales positions that left stating it just wasn't worth the emotional drain.
I have in my prospecting simply changed my attitude; I'm not looking for sales but likely prospects that show interest in my product. That is likely why I have a low "lead" result per prospecting campaign. Yet my leads turn into sales at a ratio of about 50% plus, which makes my efforts worthwhile and I position myself as a Consultant not a Salesperson yet it is the same thing in all aspects except for the emotional package. I'm simply doing work for them not attempting to sell them anything! In the first prospect contact, if I'm selling Health or Life Insurance that day I ask them what they expect, once they tell me that, I ask for a commitment that if I meet their expectations, will they purchase. Now this only works if you are totally honest and you have total expectation that they are honest, if not get out, don't waste your time! In other words do not fall into the adversarial trap. That reflects the correctness of your health or life insurance prospecting ideas.

Some would call this High Probability Selling, it struck me funny when I read about it and I knew it was something I've been doing all along! In fact the authors suggest all or near all successful people in the sales field perform in this manner to one degree or another. Yet though they give it a name and now I wonder if they hold the so called property rights to it? Oh well, if they do more power to them I simply won't use the name and discuss matters strictly to Insurance and certain ways it effects prospecting and selling the Insurance Contract. I highly suggest the book they have written, and if you google High Probability Selling you will find some worthy reading.
So if you are willing to try something new this is the ticket I would suggest, remove the emotional baggage and view the prospecting and selling as a normal job and leave the emotional connection at home where it belongs. It also doesn't depend upon what you are selling or the number of products you are handling. When I first started offering health insurance I decided to use one product, for the most part. It was an easily understandable contract and a good solid one in fact some suggest the best, of course depending. Yet though, I always consider one brand is one's product not oneself. So when I walk in or call I'm leading with a brand or the Product which takes a lot off of me, I'm simply giving them a chance to see what this product can do for them not what I can do for them, technically speaking that is. I know a lot of high price wedding photographers, they have little selling abilities yet they get top dollar? They lead off with two things, one is the finish product and the second is service or perception of service (this is a funny market where service can relate to prestige).

Ps this is the theme to my blog "insurance selling". So I'm posting my insurance prospecting ideas here and hoping someone can review it for me and let me know what you think.

Rick I think that you have made alot of valad points, and I agree with not wanted to push people into a sale you definately do not feel good about it, and well the probability that the contact will lapse is higher. I do not like to pressure people into something tha they are not interested in.

It isn't just pushing a sale but also respecting one's time and of course that of the prospect. When I'm out prospecting walking businesses, I carry flyers or brochures along with cards in my pocket. Walk in and ask to speak to the owner, targeting small ma and pop shops or what have you. If they are there I simply hand them a flyer offer to shake hands and say something like "Dear Mr. Big, I'm Rick and I offer the newer health plans. Let me ask you this, do you feel as though your health coverage is too expensive (or you can ask just about anything)? I mean that is an obvious question, just how many to you feel say, "No I think I pay too little", not many I assure you. Now when doing this make small talk, talk like you not trying to push anything!

Yet once they respond in the affirmative you have to find out if they are interested in taking action and this is key. Before I can run a quote I need limited info, nothing all that personal but the basics to run a Health quote. So if they he-haw around or say something like, call me later I simply step back and say something of this nature. I hand them my business card and suggest they call me when they are ready. "Dear sir, you are busy I'm busy and have limited time for prospecting, so please let me leave you a card and if you decide you need my assistance please call". Then I'll excuse myself and suggest I make it a habit to come around this neighborhood every six months or so and will drop in at that time.

In other words why play around once they give you a "No Business Signal". Might as well forget about it and concentrate on those that give clear signals like willing to take action on what you are offering. Now if they give me the information and make it clear that if I move forward would they be willing too purchase if I beat what they have in either price, coverage of likely both. If they say, "If you can beat the price by more than 30% and I don't loose coverage I would be crazy not to!" than you obviously have a buying signal. Now I rather spend my time chasing buying signals than non-buying signals or what some call high probability selling.

So if I prospect 30 shops in the span of several hours and dig up 4 leads from 30 prospects, this is how I can make a 50% or better closing ratio. In other words I only consider a lead if they give transparent buying signals and I don't waste their time by pushing myself on them in prospecting or the sales table. This way I'm totally upfront, no need to be adverserial or devote any great emotion in my efforts. I don't feel like a overuse dish towel and at the end of the day I walk away with little to no stress. I guess my insurance prospecting ideas would reflect positivity for most of you.

Yes do this as well, well I have to..we go business canvasing...although it is hard to go into a business and try and talk about life insurance...most owners just laugh and say no thanks, im all set etc....I try but I dont always get the responses that I want to get.

Yes do this as well, well I have to..we go business canvasing...although it is hard to go into a business and try and talk about life insurance...most owners just laugh and say no thanks, im all set etc....I try but I dont always get the responses that I want to get.
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~Monique~

Yes that is why you don't necersarily talk about insurance. I use the 5 Way and I am after a meeting. Yet obviously its harder than health, I'm in and out if they not interested just thank them and move on at this time it's nothing more than a numbers game. XX amount of canvassing equals X amount of leads with apt's which equals to X amount of sales. Now what them X's stand for is subjective but keep good records and you will quickly find out how much effort you have to put into it to get one sale and if you figure out your average sale you'll know exactly how much time it will take to get to a predetermined goal.

Yet though I don't know a better way if one is new and starting out with limited amount of cash to risk in any other venue such as Newsletters, Postcards, Letters which all cost money and it can be substantial amount.

I did a Blog and it got all mess up, I'm not a author of any merit! Oh well I deleted it and figure to start over so looking for a theme. This will likely be it.

Hi Rick,
The community will certainly gain from your knowledge and experience in the Insurance field through your blog, too. I am sure that you would once again try and develop your blog soon.
Thanks,
Lakemen

Oh do not get me wrong I am investing in my business...these are just some of the things that are manditory with the contract for the first year or two. I have better luck calling upon past clients and getting referrals myself...but I also need to find some ways to get new clients....

Oh do not get me wrong I am investing in my business...these are just some of the things that are manditory with the contract for the first year or two. I have better luck calling upon past clients and getting referrals myself...but I also need to find some ways to get new clients....

I was referring to new agents, most don't have the money to invest in a solid DM campaign or ads that give questionable results. Yet though I can't think of a better way than going B2B either walking or calling, both very low cost.

There could be many life insurance prospecting ideas. But i think the best one is by either getting someone you have sold to refer you to someone else or if you have sold to a company,you may make your main market in that company because if you tell people that you have sold to their collegues also,then they will know they are not the only ones in the program.They will want to ask their fellow colleagues about the product and that makes your work easier.